Inflation falls again in May as CPI recedes from recent high-water mark

The cost of goods and services for American consumers fell in May for the second time in three months as inflation continued to recede from a recent high-water mark. The consumer price index, or cost of living, fell by a seasonally adjusted 0.1% last month, the government said Wednesday.. A big drop in gasoline prices played a big part. More important, the rate of inflation over the past 12 months slowed to 1.9% in May from a five-year high of 2.7% just four months ago.